Legal Question in Real Estate Law in California
Property and Real Estate
My uncle refinanced a property and had it under his name. Then he gave a portion to my mother. They went to a notary public to put my mom as the owner. My mom has the deed of the portion my uncle gave us under her name. Was that the only thing that my uncle had to sign over? There is no house just property.
2 Answers from Attorneys
Re: Property and Real Estate
What was the purpose of this transaction? Was it a gift?
Deeds should be recorded after being executed and delivered. This avoids future uncertainties and challenges.
There is also a possible issue with the lender. Transferring ownership without notice to or permission of a lender usually violates the terms of the loan, with undertain consequences.
Making gifts of property has tax consequences for both donor and donee. Affected taxes include the gift tax, the capital gains tax, and the property taxes.
Goes back to the original question: what was the purpose here? Gifts of real property should be done upon sound advice, tax and legal.
One can't "sign over" a loan, if that's what you're asking. The land is still subject to the lien of the mortgage, and your uncle is still the borrower.
Finally, I assume the transfer was of a percentage of the whole property. One cannot slice off a particular acreage without official approvals of a lot split, but one can sell part interests in the whole thing.
Re: Property and Real Estate
They should record the deed. There might be a reassessment, though. Have your mother talk to an attorney in the area. Also, she should record the deed to put "the world" on notice of her part ownership of the property.
If your uncle financed the property, there could be a problem with the lender, who relied on his income, as well.
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